Kinross Gold Corporation $KGC Shares Purchased by Korea Investment CORP

Korea Investment CORP increased its holdings in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 372.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,294,945 shares of the mining company’s stock after buying an additional 2,597,455 shares during the quarter. Korea Investment CORP owned 0.27% of Kinross Gold worth $81,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Kinross Gold during the second quarter worth about $389,025,000. Man Group plc raised its position in shares of Kinross Gold by 47.8% in the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after purchasing an additional 5,411,491 shares during the last quarter. Bank of America Corp DE boosted its stake in Kinross Gold by 81.2% in the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock worth $126,191,000 after purchasing an additional 3,617,320 shares in the last quarter. AustralianSuper Pty Ltd boosted its stake in Kinross Gold by 50.6% in the 3rd quarter. AustralianSuper Pty Ltd now owns 9,197,872 shares of the mining company’s stock worth $228,227,000 after purchasing an additional 3,089,959 shares in the last quarter. Finally, Invesco Ltd. grew its position in Kinross Gold by 47.5% during the 2nd quarter. Invesco Ltd. now owns 8,947,418 shares of the mining company’s stock worth $139,848,000 after purchasing an additional 2,880,097 shares during the last quarter. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Stock Down 0.6%

KGC stock opened at $32.54 on Friday. The company has a market capitalization of $39.04 billion, a P/E ratio of 16.60, a price-to-earnings-growth ratio of 1.59 and a beta of 0.73. Kinross Gold Corporation has a 12 month low of $10.42 and a 12 month high of $39.11. The firm’s fifty day simple moving average is $33.45 and its 200-day simple moving average is $27.78. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.35 and a quick ratio of 1.37.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its earnings results on Wednesday, February 18th. The mining company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.12. The firm had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The firm’s revenue was up 42.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.20 earnings per share. As a group, equities research analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Wednesday, March 11th will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, March 11th. This is an increase from Kinross Gold’s previous quarterly dividend of $0.04. Kinross Gold’s dividend payout ratio (DPR) is 8.16%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on KGC. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a research note on Wednesday, January 28th. TD Securities dropped their price objective on shares of Kinross Gold from $43.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Scotiabank upped their target price on Kinross Gold from $32.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, January 26th. Jefferies Financial Group restated a “buy” rating and issued a $33.00 target price on shares of Kinross Gold in a research note on Sunday, December 7th. Finally, UBS Group set a $43.00 price target on Kinross Gold in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Kinross Gold has a consensus rating of “Moderate Buy” and a consensus price target of $36.31.

About Kinross Gold

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.